Dallah-Fitaihi associate IMC inks 2 deals worth SAR 21M for new project

Logo of International Medical Center Co.

Dallah Healthcare Co. and Fitaihi Holding Group announced that their associate, International Medical Center Co. (IMC), signed on Feb. 21 design and project management agreements with specialized consulting firms to establish a new integrated various specialties hospital at a total value of SAR 21 million.

The new hospital will be built on land owned by the International Medical Center in North Obhur, Jeddah, spanning 20,800 square meters (sqm), the two companies said in separate statements to Tadawul.

The first agreement was signed with Dar Al-Handasah Co. for hospital design with an eight-month term, and the second with Midrar Development Management Co. Ltd. for project management with a 31-month term.

The foundation stone for this new hospital will be laid after getting the necessary official approvals, Dallah and Fitaihi said.

There is no expected financial impact at the current time, they added, noting that any developments would be announced later.

No related parties are included in the deal, both companies stated.

Dallah owns 27.18% of IMC, while Fitaihi Group owns 19.25%. IMC owns the International Medical Center Hospital on Hail Street in Jeddah, which has a total area of 20,237 sqm and a capacity of 300 beds in various specialties.

The IMC also has The First Clinic Complex on King Road in Jeddah, with an area of 8,829 sqm, in addition to Specialized Clinics and One-Day Surgery Center project in Makkah, on an area of 19,450 sqm, that is expected to open in the last quarter of 2024.